About MBK Homes

KAREN HOOVER JOINS MBK HOMES LTD. AS DIRECTOR OF PURCHASING

IRVINE, CALIF. (January 6, 2003). MBK Homes Ltd., the home building division
of Irvine, California-based MBK Real Estate Ltd., has named Karen Hoover as
Director of Purchasing. Hoover is in charge of purchasing for all of MBK Homes'
new home communities throughout Southern California.

"Karen comes to MBK Homes with an impressive industry background having worked
for some of the leading home builders in the nation," said Stefan Markowitz,
President of MBK Homes. "As we continue on a strong growth path, we are constantly
striving to raise the level of quality and service at all our new home communities.
Karen will be instrumental in achieving this goal, as she brings the introduction
of new systems and practices which will further improve our building efficiencies.
We are very pleased to have Karen join our management team."

Prior to joining MBK Homes, Hoover served as Director of Purchasing for The
Olson Company, where her responsibilities included selection of trade contractors,
bidding of offsite and building plans, spreading and qualifying bids, negotiating
price and awarding contracts.

Before her tenure with The Olson Company, Hoover was Purchasing Agent for Western
Pacific Housing. She has also held positions with Kaufman & Broad, Akins Development
and Regis Homes.

"I am very excited for the opportunity to join the exceptional group of professionals
at MBK Homes," said Hoover. "The company is known throughout the industry for
its phenomenal management team and for delivering top quality communities. I
am pleased to bring my experience and knowledge to a company that is so well
regarded in the industry and that is expanding throughout all the major Southern
California housing markets."

Hoover was educated in construction management at University of California at
Irvine and Orange Coast College. She is a member of the Construction Purchasing
Association.

Company Background

MBK Homes, Ltd. is active in the development of new for-sale housing communities
catering primarily to first-time and first and second move-up homebuyers throughout
Southern California. Through its "Better ways and Greater means,"
MBK Homes delivers quality housing that is innovative in design, comfort and
craftsmanship, all at an excellent value. With more than a decade of experience
constructing homes in Southern California, MBK prides itself on its ability
to meet the needs of today's most discriminating homebuyers. Currently, MBK
Homes is building residential neighborhoods in Los Angeles, Orange, Riverside
and San Bernardino counties, and is aggressively pursuing additional land acquisitions
throughout the Southland. For more information about MBK Homes, Ltd., please
contact MBK Homes at 800.566.7100 or 949.789.8300, or visit its Web site at www.mbkhomes.com

MBK Real Estate Ltd. and its three wholly-owned subsidiaries, comprise the U.S.
real estate development arm of Mitsui & Co., Ltd., the world's third largest
corporation. The company's core business activities include the acquisition,
redevelopment and development of retail and entertainment properties, and the
development and sale of for sale housing.